Vriti Gothi

04 Feb 2025

The 2025 Union Budget, presented by Finance Minister Nirmala Sitharaman, introduces several measures impacting India's real estate sector. Key provisions include raising the TDS threshold for rent to INR 6 lakh, extending the updated tax return filing window to four years, and allowing tax deductions on multiple self-occupied properties. The income tax exemption limit has increased to INR 12 lakh, boosting middle-class purchasing power. The home loan interest deduction limit has been raised from INR 2 lakh to INR 5 lakh, supporting affordable housing. While developers welcome infrastructure investments and the Urban Challenge Fund, industry leaders emphasize the need for direct incentives like industry status and streamlined approvals to sustain growth.Read more

03 Feb 2025

The Maharashtra government has approved the Metro 8 corridor, connecting Navi Mumbai International Airport to Mumbai's Chhatrapati Shivaji Maharaj International Airport, under a Public-Private Partnership (PPP) model. The 35-km corridor, featuring 20 stations, will integrate key hubs like Kurla and Mankhurd while enhancing multimodal connectivity. CIDCO will prepare the project report, with an estimated cost of INR 15,000 crore and a six-year completion timeline. While Metro 8 aims to boost airport accessibility, its success hinges on careful execution, financial sustainability, and learning from previous PPP challenges.Read more

03 Feb 2025

Bengaluru's urban infrastructure is set for major upgrades with Phase 3 of the Metro scheduled for completion by December 2029, covering 44.65 km across two key corridors at a cost of INR 15,611 crore. Complementing this, the BDA plans to allocate 30,000 housing units, with 10,615 flats already completed and 14,909 under construction. The city is also strengthening traffic management through AI-based ASTRAM systems and enhancing public safety with vehicle tracking under the Nirbhaya Fund. Meanwhile, Karnataka's revised policies aim to simplify mining leases and attract investments via its Global Capability Centre Policy 2024-29, reinforcing Bengaluru's tech hub status.Read more

31 Jan 2025

The UK government, in collaboration with the Department for Transport (DfT) and Crossrail International (CI), has signed a Memorandum of Understanding (MoU) with the Mumbai Metropolitan Region Development Authority (MMRDA). The partnership, announced during the World Economic Forum, aims to accelerate Mumbai's metro expansion and establish a world-class, integrated transport system. The MoU focuses on sustainable urban growth, innovation, and knowledge exchange, leveraging expertise from UK institutions like Transport for London and Network Rail. The initiative is set to bolster UK-India ties while promoting economic growth and advanced infrastructure development.Read more

31 Jan 2025

The National Payments Corporation of India (NPCI) has leased 1.15 lakh sq ft of office space in Goregaon, Mumbai, for INR 2.15 crore per month, totaling over INR 136 crore for a five-year period. The lease includes a 15% rent escalation after three years. This expansion aligns with NPCI's efforts to bolster India's digital payments infrastructure. The move reflects the rising demand for premium commercial real estate in Mumbai, driven by growing digitalization and hybrid work trends. Goregaon's strategic location and connectivity make it a preferred destination for corporate expansions.Read more

31 Jan 2025

The Trichy metro project, estimated at INR 10,917 crore, is facing delays as the Chennai Metro Rail Limited (CMRL) has yet to commence work on the detailed project report (DPR). Despite the completion of a detailed feasibility report (DFR) in August 2023 confirming the project's viability, the state government has prioritized metro projects in Chennai, Coimbatore, and Madurai. The proposed metro network includes two corridors spanning 45 km, aiming to alleviate congestion and boost economic growth. However, funding challenges and lack of government focus have stalled progress, requiring strong advocacy and financial planning to advance the project.Read more

Jay Chhabria

30 Jan 2025

The Navi Mumbai International Airport (NMIA), a INR 16,700 crore project, is set to revolutionize air travel in the Mumbai Metropolitan Region. Spanning 1,160 hectares in Ulwe, NMIA will feature two parallel runways and four terminals, handling 90 million passengers annually upon full completion. Developed by Adani Airports and CIDCO, the first phase is expected to be operational by March 2025, accommodating 20 million passengers. Designed by Zaha Hadid Architects, the airport integrates seamlessly with key infrastructure projects like the Mumbai Trans Harbour Link and express metro, boosting regional connectivity, economic growth, and trade capabilities in Navi Mumbai and beyond.Read more

30 Jan 2025

The Brihanmumbai Municipal Corporation (BMC) has proposed an ambitious plan to revamp the 26-kilometre Western Express Highway (WEH) spanning from Bandra East to Dahisar. This initiative, revealed during a recent meeting, aims to address traffic bottlenecks, improve road quality, and standardise footpaths, signage, and medians. Civic chief Bhushan Gagrani emphasised collaboration among agencies, including the BMC, traffic police, and MSRDC, to ensure effective implementation. Immediate measures, such as improved drainage systems, robust streetlights, and removal of scrap vehicles, were also highlighted. If successful, this project could bring significant relief to over 2.2 million daily commuters.Read more

30 Jan 2025

Bollywood actor Akshay Kumar has sold his 1,073 sq. ft. apartment in Oberoi Realty's Sky City complex in Borivali East for INR 4.25 crore, marking a 78% appreciation from his 2017 purchase price of INR 2.38 crore. The transaction, registered in January 2025, incurred a stamp duty of INR 25.5 lakh and registration charges of INR 30,000. Sky City remains a sought-after development, recording 216 sale registrations in 2024, with an average resale price of INR 39,522 per sq. ft. Kumar's sale highlights Mumbai's robust luxury real estate market amid rising celebrity property transactions.Read more

Vidhi Sangoi

29 Jan 2025

The Noida International Airport, poised to become India's largest airport by area, is advancing rapidly towards completion, with Phase 1 expected to commence operations by April 2025. Spanning 5,000 acres in Gautam Buddh Nagar, Uttar Pradesh, the airport aims to ease congestion at Delhi's IGI Airport and enhance connectivity across the National Capital Region (NCR). Developed under a public-private partnership with Swiss firm Flughafen Zurich AG, the airport features world-class infrastructure, including seamless road and rail connectivity via expressways and a proposed high-speed rail link. Phase 1, with an investment of INR 10,056 crore, will accommodate 12 million passengers annually, with future phases expanding capacity to 70 million. The project, estimated to cost INR 15,000 to INR 20,000 crore, is expected to drive significant economic growth, create jobs, and boost real estate development in the surrounding areas.Read more